Differences in financial instruments (NIF C-2)
The Financial Information Standards in their NIF C-2 indicate different types of Financial Instruments, among those that cause the most confusion in my opinion are: Financial Instruments for Collection of Principal and Interest (IFCPI), Financial Instruments for Purchase and...
Qualitative Characteristics of Financial Information (NIF)
According to the Financial Reporting Standards (NIF), “usefulness” is the fundamental characteristic that financial statements must have. This characteristic is defined as: “the quality of satisfying the common needs of users and...
Accounting information systems in Mexico
Regardless of the size or economic activity of the entities, they require information for decision making; according to the NIF, this information must be: True, reliable, comparable, and timely. In this article we will define key points about the...
What are notes to financial statements in Mexico?
Notes to financial statements are an integral part of an entity's financial statements. Their main purpose is to provide additional explanations and details that complement and clarify the information presented in the financial statements...